Blockware Mining Raises 25 Million US Dollars – Company Wants to Make Hashrate In US More Competitive Globally – Mining Bitcoin News

On Wednesday, North American bitcoin mining company Blockware Mining announced that it had completed a $ 25 million investment round. According to the company, Blockware Mining is aiming to use the funding to expand operations “beyond its currently installed North American presence.”

Blockware raises $ 25 million and buys 14,000 ASIC miners

Blockware Mining, a bitcoin mining infrastructure and colocation services company, announced on June 30 that the company has raised $ 25 million. The US company claims to “generate Bitcoin below market prices” by leveraging three different sources of income.

Blockware specializes in Bitcoin mining, mining rigs resale, and hosting services. The company says the latest funding will help the company expand, and after the $ 25 million capital increase, Blockware has raised more than $ 32 million in total from investors.

The company’s announcement states that it has been focusing on acquiring mining rigs and building the blockware mining facility in Paducah, Kentucky since 2019. The latest funding has allowed the company to purchase 14,000 mining devices for the second quarter of 2021, and 8,000 will be used by Blockware’s Kentucky operation. The rest of the mining units will be sold to other Bitcoin miners operating in the US.

“We have successfully negotiated the acquisition of a robust supply chain of mining rigs, a complex process made even more difficult by the pandemic,” Michael Stoltzner, President and CEO of Blockware Mining, said in a statement to Bitcoin.com News. Stoltzner also addressed the fact that bitcoin mining rigs are scarce these days and resources have been used to close deals.

“The oil rig scarcity is a significant barrier to entry for companies looking to get into this business, and we have allocated significant resources to close more deals and fund our rapid growth,” added Stoltzner.

According to Blockware, the business is focused on Paducah’s 30 megawatt facility as it can be expanded to 100 megawatts. Since its inception in Kentucky, Blockware has built relationships with the City of Paducah, Greater Paducah Economic Development, Big Rivers Electric, Jackson Purchase Energy, Paducah Power, the Paducah McCracken County Industrial Development Authority, and a number of other community partners.

“Currently, only an estimated 10% of the global hashrate is generated in the US,” concluded Stoltzner’s fundraising announcement. “By providing low hosting rates, Blockware Mining will create better global distribution of the Bitcoin network while making the hashrate in the US more globally competitive.”

Blockware isn’t the only bitcoin mining company raising funds. Last week, Stronghold Digital Mining, Inc., an ESG-friendly cryptocurrency miner, announced that it had raised $ 105 million in two rounds of financing for private equity securities.

What do you think of Blockware Mining raising $ 25 million? Let us know what you think on this matter in the comments below.

Tags in this story

$ 25 Million, Bitcoin Mining, Bitcoin Network, Blockware, Blockware Mining, BTC Mining, Hashrate, Michael Stoltzner, Mining, Reselling Mining Rigs, Mining Rigs, North American Mining, Stronghold Digital Mining, US Hashrate, US mining

Photo credits: Shutterstock, Pixabay, Wiki Commons

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